User Industry Associations Oppose Anti-Dumping Investigation On Vietnamese Steel Imports

ENA Sectors 2024-08-20 16:36:30 Ludhiana, Aug 20 (KNN) The Union Ministry of Commerce and Industry's recent initiation of an anti-dumping investigation into the import of hot-rolled steel products from Vietnam has met with strong opposition from Ludhiana's steel industry. Industry representatives fear that the investigation could lead to the imposition of anti-dumping duties, potentially causing significant price increases and adversely affecting the MSME sector, particularly small and medium enterprises (SMEs). Emergency meetings were convened by the Trade and Industrial Undertaking (ATIU) and the Chamber of Industrial and Commercial Undertakings (CICU) to address the issue. According to these associations, the investigation was prompted by complaints from large corporate steel producers alleging that hot-rolled flat products of alloy or non-alloy steel from Vietnam were being sold at artificially low prices. Upkar Singh Ahuja, President, CICU, stated that the Directorate General of Trade Remedies, under the Ministry of Commerce and Industry, had initiated the investigation to provide recommendations to the Union government regarding potential anti-dumping duties. Ahuja expressed concern that the investigation would primarily benefit a few corporate entities by allowing them to control prices. Industry leaders argue that the MSME sector is already facing challenges due to global economic conditions, including international conflicts, market slowdowns, and rising input costs. They contend that an increase in steel prices could further jeopardise the sector's viability. Akash Bassi, Vice President, CICU, highlighted the potential negative impacts of anti-dumping duties, including impediments to free trade, possible trade conflicts, and disruptions to supply chains. He emphasised that such measures could harm both local industries and international relations. Other industry representatives, including Honey Sethi and Rajnish Ahuja, pointed out that recent financial reports indicate the steel industry is currently profitable. They argue that additional duties would be unjustified and could threaten the sustainability of SMEs in the sector. Pankaj Sharma, President, ATIU, characterised the potential anti-dumping duties as unwarranted and anti-industry, predicting severe adverse effects on both light and heavy engineering sectors. He expressed particular concern for the MSME sector, which is still recovering from the economic impacts of the COVID-19 pandemic. As the investigation proceeds, the steel industry in Ludhiana remains apprehensive about its potential outcomes and the broader implications for the regional economy. (KNN Bureau) 39010 https://knnindia.co.in/news/newsdetails/sectors/user-industry-associations-oppose-anti-dumping-investigation-on-vietnamese-steel-imports 2024-08-20 16:36:30 knnindia.co.in User Industry Associations Oppose Anti-Dumping Investigation On Vietnamese Steel Imports